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Situation During a real estate transaction for investment property which had been purchased by a husband and wife, I learned that the property was held in tenancy in common, not joint tenancy. The husband had passed away without a Will, and now, instead of a simple transfer by the wife, half of the property was...

Situation A client in a divorce case contacted Minchella & Associates regarding a real estate asset division. This was the non-retaining spouse, hoping a quitclaim deed would be enough to remove liens in their name and receive half of the accrued equity on the family home. In short, they wanted to capture their equity and...

Illinois HB4322–the Residential Real Property Disclosure Act–was signed into law by Governor Pritzker and is effective immediately. The new disclosure form includes amended language but the form itself is not available yet. As we’ve previously written, brokers can be liable for disclosure statement inaccuracies. False or misleading statements, per the Illinois Consumer Fraud and Deceptive...

We’re excited to announce that Redfin reached out to Minchella & Associates to leverage our expertise on the subject of quitclaim deeds. Below is an excerpt, and you can click here to read the full blog post. “Three lawyers talk: quitclaim deeds can be an easy option, but be wary You can use a quitclaim...

As most people know, when homeowners fall behind on their mortgage, the bank can choose to foreclose. However, the law requires the bank to provide notice to the borrower informing them they are in default. In legal terms, this means the home is in pre-foreclosure. During this period, the homeowner still has time to salvage...

Situation In Illinois, property owners can use an Illinois Land Trust, which provides title to a trustee while the beneficiary of the land enjoys the rights of owning the property. It can be used in two ways: An asset protection tool An estate planning tool Here we look at client success stories regarding how the...

In Chicago, a multi-unit property owner must remain compliant with the proper notice given to tenants when they wish to terminate a lease. These timelines are mandated by the Chicago Residential Tenant Ordinance and Cook County Tenant Landlord Ordinance. The laws protect tenants from being evicted without enough notice to find a new home. However,...

Situation Mixed-use properties can sometimes pose unexpected issues. The reason: when mixed-used properties are assessed, it is done from the exterior of the building. When assessors make assumptions, they can lead to incorrect coding based on what the mixed-use property includes. In this case, our client was buying a mixed-use property with two retail spaces...

The adage goes: the only constant is change. That’s certainly the case when it comes to real estate lending. In a previous blog post, we discussed how mixed-use properties can qualify for FHA loans. Today, we’re going to discuss how recent changes in policy could impact your clients’ ability to qualify for an FHA loan...

Situation The city of Chicago has a Tax Increment Finance Purchase Rehab program (TIFPR) to assist people who otherwise might not be able to qualify for homeownership. It offers forgivable loans for those looking to purchase and rehab vacant 1–4-unit residential properties within active TIF districts. The terms of the mortgage stipulate that it can’t...